Lesson from FTX: Trust no one
Sam Bankman-Fried (SBF) is the golden boy of crypto in the last few years, frequently appearing in Congress and covers of magazine such as Fortune and Forbes.
And SBF is unlike Do Kwon – LUNA outspoken leader – who is much less serious and often use memes and even mock others. The image of SBF is much better, much truthworthy, until FTX collapse.
SBF often appeared in Congress talking about other exchanges who used users assets without permission, and pushing for regulations in Crypto, while he himself is clearly doing all the illegal stuff.
If there is any lesson, it would be that we can’t trust anyone.
Even if Binance publish their proof-of-assets. How would you know about their liabilities, or any agreements to use that as collateral? There are always ways to fool someone.
Crypto should be decentralized. Trading them in a centralized exchange is more efficient, but ultimately it carries risk.
Not your keys, not your coins.
